1. To smoke good weed.
2. To get high off of some good weed.
3. To have have good long sex (often ending with the parties wanting more).
4. To crack a funny joke on someone.

1. Yo, son, I'm about to blaze the hell out of this shit. You want some?
2. Kid, I smoked that blunt last night and I was blazed as fuck.
3. (girl) Yo, that nigga blazed and I couldn't walk.
(guy) Yo, fuck all of that, I'm just gonna blaze that bitch and be out.
4. Yo, don't get mad cuz she blazed ya ass.